Portugal: A 3 billion bill for families

5 May 2011 – Presseurop i
i, 5 May 2011

"Keep calm and carry on". Lisbon daily i dedicates its first page to the slogan that was printed in a poster produced by the British Ministry of Information at the beginning of the Second World War to be distributed in case Germany attempted to invade. Today, it is used as an appeal to Portuguese families to maintain calm, due to the fact that they will have to live with the austerity measures imposed by the troika (IMF, ECB, EC), until 2013. "The loan [of 78 billion euros] will cost 3 billion euros to Portuguese families, over two years, writes i, warning its readers: "Enjoy these six months. This begins to worsen in 2012 and it get very bad in 2013" to guarantee the goal deficit of three percent. This bill is a result of what families will pay more in taxes and receive less in state benefits, subsidies and pensions, and it represents 40 percent of total effort requested to Portuguese economy. The memo agreement established by the government, IMF, European Commission and European Central Bank, can be read inExpresso's online edition.